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Sunday, May 23, 2010

They Backed Down - A letter from Barack Obama

Jo Ann --

On Thursday, the Senate passed historic Wall Street reform. This movement proved again that the strongest special interests, who for so long have called the shots in Washington, can be beat. When opponents in Congress tried to block the legislation altogether, you stood up -- and they backed down. When the lobbyists pushed for loopholes and exemptions just before a final vote, you did not relent -- and we fought them off. Your support brought us to this day -- and, because of that, we're poised to implement sensible reforms that will provide a stronger foundation for economic growth.

Now, the House and Senate must iron out their differences before I can sign it into law. But the financial industry will not give up. They have already spent more than $1 million per member of Congress, lobbying on this issue. And in the coming days, they will go all in. This is their last shot to stall, weaken, or kill reform, and they are not accustomed to losing. But this movement has you -- and together, we have beaten the special interests before.

Every American has a stake in this bill.

If you have ever been treated unfairly by a credit card company, this reform works for you -- never again will Americans be duped by fine print or hidden fees.

If you ever try to take out a home loan or student loan, this reform works for you -- putting an end to predatory and deceptive lending practices.

And, if you or your small business relies on credit from community banks that are being punished for playing by the rules while their competitors do not, this reform works for you -- reining in the big banks and making sure all our lenders are subject to tough oversight.

These reforms would put in place the strongest consumer financial protections in history. And, by helping safeguard our economy from recklessness on Wall Street, it would ensure that a crisis like the one that caused this recession never happens again.

This is not a zero-sum game where Wall Street loses and Main Street wins. As we have learned, in today's economy, we are all connected. When the economy prospers, we all win. Senators of both parties recognize that fact, and that is why lawmakers stood up to the lobbyists and worked across the aisle to ensure that Wall Street reform passed.

But this fight is not yet over. And it is up to us to overcome this final test and pass reform into law. When we do, the power of this movement to make change in Washington -- despite the best efforts of the special interests -- will no longer be up for debate.